Gold prices surged; is the "sale off" over?

ANTD.VN - Domestic gold prices continue to rise, following the strong upward trend of global gold prices. Has the gold correction ended, marking the beginning of an upward cycle?

This morning, both SJC gold and domestic gold rings continued to rise for the second consecutive session. Gold bars increased by 700,000 VND per tael, reaching 81.70 - 84.70 million VND/tael. Previously, in yesterday's trading session, the price of this gold brand increased by 1 million VND/tael for buying and 500,000 VND/tael for selling.

Similarly, gold rings also increased by approximately 400,000 to 700,000 VND per tael, depending on the business. Accordingly, SJC 999.9 gold rings are listed at 81.50 - 83.70 million VND/tael; Bao Tin Minh Chau plain gold rings at 82.48 - 83.88 million VND/tael; DOJI Hung Thinh Vuong gold rings at 82.90 - 83.90 million VND/tael; Phu Quy gold rings at 82.50 - 84.20 million VND/tael…

Gold prices rose for the second consecutive session.

Domestic gold prices are rising in line with the strong recovery in the global market. Currently, the international spot gold price is trading around $2,620 per ounce, up more than $56 per ounce in the session, equivalent to a 2.2% increase.

Gold prices have shown considerable strength, aided by a weakening US dollar and US Treasury yields. However, experts say that in reality, bullish sentiment driving buying activity is the main contributor to the precious metal's upward momentum, accounting for nearly three-quarters of the increase.

According to some analysts, this price surge may have marked the end of a six-day correction. This correction caused prices to fall by more than $26, reaching a daily low of $2,541.50 per ounce last Thursday.

Market sentiment received a significant boost from Goldman Sachs' ambitious forecast, predicting that gold prices will reach $3,000 per ounce next year.

The sharp rise in this precious metal reflects broader macroeconomic concerns, including the potential for an escalation of the trade war under the Donald Trump administration and ongoing geopolitical tensions in Ukraine and the Middle East. These factors have previously contributed to gold reaching its all-time high of $2,800.

Source: https://www.anninhthudo.vn/gia-vang-vot-tang-dot-sale-off-lieu-da-ket-thuc-post595895.antd